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Rockford Sun

Thursday, April 25, 2024

Former state school employee Newman paid in $110K to teachers' pension fund, could collect $2.69M in retirement

Money 02

Former state school employee Leanne Newman, who retired in December 2018, saved $109,591 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Newman would collect as much as $2.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Newman received $56,488 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Newman will have already received $114,671 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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